Pre-FEED Economic Evaluation of the Equus Gas Project

• Pre-FEED completed for Equus Gas Project, confirming robust development pathway.
• Development Plan targets 2 Mtpa LNG, 50 TJ/d domestic gas, and 12,000 bbl/d condensate.
• Estimated NPV10 of $867 million and IRR of 31%.
• Initial capital outlay of $1.25 billion for Phase 1.

Equus Energy has completed the Pre-Front End Engineering Design (Pre-FEED) for its Equus Gas Project, confirming a technically robust development pathway. The Development Plan targets production of 2 million tonnes per annum of liquefied natural gas (LNG), 50 terajoules per day of Western Australian domestic gas, and a peak condensate rate of approximately 12,000 barrels per day. The project is estimated to generate approximately US$22.3 billion of nominal revenue and US$11.6 billion of nominal EBITDA, representing an EBITDA margin of approximately 52%. The Development Plan delivers a Project NPV10 of US$867 million and nominal IRR of 31% with capital payback approximately two years after first production. The initial capital outlay is estimated at approximately US$1.25 billion (real terms, including 20% contingency) and excludes the leased FPSO and export pipeline.

Estimated NPV10 of $867 million, IRR of 31%, and capital payback in second year of production

Equus is progressing into the next phase of partnering and commercialization to advance the project towards FEED and FID.